Midnifty Intraday Analysis for 5th April 2024

Apr 4

NIFTY_MID_SELECT

Maximum Call writing buildup of 12.22 Lakh is at 10800 strike followed by 9.64 Lakh at 10900 Strike and Put writing of 14.01 Lakh at 10700 Strike followed by 13.30 Lakh at 10800 Strike. Index is closed above support level of 10800.

As the more put writing is building up at 10800 strike the support level is shifting up with big support near 10600 - 10700 level. Index is expected to trade between 10700 - 10925 level.

If Index is down near 10700 level and Call position building up at 10700 and 10800 strike then index will bounce to resistance near 10925 level.

If Index goes near 10925 level and Call position building up at 10900 strike then index will retrace to 10800 level and if Call position unwinding takes place at 10900 level then index will go near 11000 level.

Apr 5

Trade closed: target reached

Gap down opening below 10800 level and bounced to high near 10870 level.